Pioneer Bank depositors give OK for bank to go public

Pioneer Bank depositors have granted the OK needed to take the bank public in a $110 million initial public offering.

Shares of Pioneer Bancorp, the holding company being created under the new corporate structure, will start trading on the Nasdaq stock market on July 18 under the symbol "PBFS."

The sale of the shares to depositors, which amounts to 43 percent of the total, will close on July 17. Employees were also allowed to purchase shares as well.

"This is a tremendous development for Pioneer Bank, our customers, and our entire team. It is the result of many years of dedication and innovation that has enabled our bank to grow to more than $1 billion in deposits and come to be more than just a banking partner to our customers," Pioneer Bank CEO Thomas Amell said in a statement. "This reorganization and stock offering will raise considerable capital with which to continue our investments in our company, our people and our community."

Pioneer Bank has its headquarters on Albany Shaker Road in Colonie and has 22 branches.